In world’s largest ecommerce deal, Walmart announced acquisition of Flipkart for $16 billion valuing the leading Indian e-tailer at $20 billion. Walmart has acquired 77% stake in the Indian ecomm major.

The announcement today by Walmart brings an end to discussions that have been going on since Sept 2016. This deal will see a complete exit of Flipkart’s founder Sachin Bansal.

With this acquisition, Indian ecommerce will now pit between two American giants Walmart and Amazon to vie for the 1.3Bn Indian population.

“India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of eCommerce in the market,” said Doug McMillon, Walmart’s president and chief executive officer in a statement

“This investment is of immense importance for India and will help fuel our ambition to deepen our connection with buyers and sellers and to create the next wave of retail in India,” said Binny Bansal, Flipkart’s co-founder and group chief executive officer.